Smart Fleet Management Market to be Worth $462B by 2022
June 13, 2017—According to MarketsandMarkets, the smart fleet management market is projected to grow at a CAGR of 8 percent from 2017 to 2022, to reach $462.48 billion by 2022.
Some of the major factors responsible for the growth of the market are government regulations for safety and increase in demand for real-time tracking and fleet monitoring by fleet operators to reduce transportation cost and increase operational efficiency.
Fleet operators track vehicles in real time to reduce idle time and transportation cost. The purpose of this is to provide effective fleet tracking, real-time monitoring, a dedicated remote server for fleet data, and security features in a single system. With the adoption of technologies, a transporter or service provider can measure maintenance cost and monitor the driver's behavior.
The fleet management data can also be downloaded to analyze data better and make a cost effective decision or enhance safety. For instance, managers can get the data of fuel efficiency based on the route taken. The market for these technologies is growing rapidly, and regulatory bodies in Europe and North America are looking forward to mandating some of these technologies.